"Small and medium scale industries are doing 70 percent production of the country. If they do not remain in good health, the country's economy won't remain in good health. But the economy is doing very little for this sector.”

"Past government and their budgets have been focused on the corporate sector," said Joshi while speaking at a national conference on 'Small Business Finance: Fuel for Growth Economy.

He further said that there is a need for affordable, accessible and available finance for the sector from the banking sector.

"Flow of black money will not end until people of this sector get white money," he pointed out.

The conference was organised by Action Committee for Formal Finance for Non-corporate Small Business (ACFF) where prominent stakeholders of non-corporate small business in the country have come together to support and give shape to a proposed financial architecture to support the Small BusinessFinance.

Union Finance Minister Arun Jaitley in his budget speech had called for the constitution of a special Committee of officials from Finance Ministry, MSME Ministry and Reserve Bank of India (RBI) to develop a new financial architecture to support the Small Business Finance.

The Action Committee has been formed in the wake of his announcement on this subject in the parliament during the budget session.

"The financial needs of the non-corporate small business sectors have been ignored by all previous governments. Yet this is the crying need and has potential to transform the country's economy and welfare of the people," said Praveen Khandelwal, National Coordinator of the Action Committee and Secretary general of Confederation of All India Traders.

He also said that around one lakh representatives from different organisations of ACFF will gather at Ram Lila Maidan on December 16 to press for the new financial architecture.

The Action Committee includes the Confederation of All India traders, All India Motor Transport Congress, All India Confederation of Goods Vehicles Owners Association, All India Transport Welfare association, federation of Indian Small and Micro Enterprises, National Hawkers Federation, Bhartiya Kisan Morcha and many other leading organisations of other different sectors.

"This committee represents nearly six crore small business enterprises, 1.25 crore transporters, four crore hawkers and crores of other self employed groups, women entrepreneurs, labourers, self help groups and many more," said Khandelwal.